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TORONTO, ONTARIO--(Marketwire - Nov. 20, 2012) - Sage Gold Inc. (the "Company") (News - Market indicators) is pleased to announce that it has secured the necessary permit and completed the change of ownership to re-open the Clavos Mine site in Timmins, Ontario for exploration, development and eventual production.
The required environmental compliance approvals have been received from the Ontario Ministry of Environment comprising the Permit to Take Water and Industrial Sewage Works Approval both of which come under the Ontario Water Resources Act and an Air Approval granted under the Environmental Protection Act.
The Company's Closure Plan has been filed by the Ministry of Northern Development and Mines. The receipt of this permit allows Sage to dewater the Clavos mine, continue advanced exploration and development and commence production at 700 tonnes per day.
Sage is expecting a Preliminary Economic Assessment (PEA) to be completed by the end of 2012.
The Joint Venture between Sage (60%) and St Andrew Goldfields Ltd. (TSX:SAS) (40%) was announced in a Press Release dated August 13, 2012 and the parties have agreed to jointly fund Clavos.
Sage is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold deposit in Timmins and the Lynx deposit and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
This release was prepared by management of the Company who takes full responsibility for its contents.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. Some forward looking statements and forward looking information contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.